As one of four major recommendations to combat the fraud epidemic in the United States, Barclays is urging technology companies to compensate victims of fraud.
Action is needed because, according to data from Barclays, four out of every five scams the bank encounters start on tech platforms like social media, online markets, and dating apps.
According to the UK bank, scams increased by 24% in the most recent quarter compared to the same period last year. Purchase scams, which make up two-thirds (66%) of all scams and involve people purchasing goods that never arrive or aren’t as described, are the most prevalent.
Barclays has urged policymakers to form a cross-Government group to address the growing threat. The bank claims that the current anti-scam initiatives are fragmented, with numerous groups operating in isolation.
Read More: Barclays says tech companies should be liable for scams on their platforms
